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Annual General Meeting – Awe Limited

Awe Limited · Nov 20, 2015 · 42 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Annual General Meeting – Awe Limited – slide 1
  2. Annual General Meeting – Awe Limited – slide 2
    Welcome AWE Limiteds 2015 AGM Bruce Phillips, Non-Executive Chairman 2
  3. Annual General Meeting – Awe Limited – slide 3
    Introduction to Directors Bruce Clement, Managing Director David McEvoy Kenneth Williams Raymond Betros 3
  4. Annual General Meeting – Awe Limited – slide 4
    Introduction to Directors Karen Penrose Vijoleta Braach-Maksvytis Neville Kelly, Company Secretary 4
  5. Annual General Meeting – Awe Limited – slide 5
    Share price performance AWE share price v. ASX 200 and ASX 200 Energy, from 1 July 2014 to 30 June 2015 7
  6. Annual General Meeting – Awe Limited – slide 6
    Value creation opportunity AWE AWE Source: Company filings, Bloomberg Notes: 1. Peer group includes Beach Energy, Drillsearch, Horizon Oil, NZOG, Senex Energy, and Tap Oil (not in that order) 2. EV as of 17 November 2015 3.…
  7. Annual General Meeting – Awe Limited – slide 7
    Taking the Initiative FY 2014-15 The Year in Review Value and Opportunities Clear Strategic Pathway Projects to Deliver Growth FY 2015-16 - The Year Ahead 13
  8. Annual General Meeting – Awe Limited – slide 8
    FY 2014 -15 The Year In Review Highlights for the 12 months to 30 June 2015 14
  9. Annual General Meeting – Awe Limited – slide 9
    Solid performance in tough year Key Indicator Guidance FY 2014-15 Actual FY 2014-15 Production (million BOE) 4.6 5.1 5.1 Sales Revenue (m) 290 320 284 Development Expenditure (m) 220 250 243 Exploration Expenditure (m) 50-75…
  10. Annual General Meeting – Awe Limited – slide 10
    Operating highlights Production and Development Net 2P Reserves increased by 25%, or 23.4 mmboe, to 114.4 mmboe; more than 22 years production (based on FY 2014-15) Sugarloaf production up 54% for FY 2014-15 Early oil production from…
  11. Annual General Meeting – Awe Limited – slide 11
    Financial summary Total Production for FY 2014-15 5.1 million BOE, down 9% on pcp Sales Revenue 284 million, down 14% on pcp Field EBITDAX 143 million, down 31% on pcp Asset impairments before tax 158 million Statutory net loss after…
  12. Annual General Meeting – Awe Limited – slide 12
    Key Indicators 18 Note: Capex Guidance (Development Expenditure) increased since original forecast issued August 2015
  13. Annual General Meeting – Awe Limited – slide 13
    Health, safety and environment * APPEA Total Recordable Injury Rate (2013-2014) is 3.79 injuries per million hours worked, 23% lower than the previous reporting year (which was 4.9). Two Lost Time Injuries recorded in 4Q FY…
  14. Annual General Meeting – Awe Limited – slide 14
    Major success at Waitsia Waitsia-1 flow tests total more than 50 mmscf/d; an excellent result 20
  15. Annual General Meeting – Awe Limited – slide 15
    Value and Opportunities 2P Reserves and 2C Contingent Resources 21
  16. Annual General Meeting – Awe Limited – slide 16
    Strong Reserves and Resources growth Further growth in 2P and 2C highlights quality assets within AWEs portfolio 22
  17. Annual General Meeting – Awe Limited – slide 17
    Reserves & Resources analysis Note: Includes changes to onshore Perth Basin net 2P Reserves and 2C Contingent Resources announced 21 August 2015 More than 22 years of 2P production (based on current production of 5.1 mmboe) 23
  18. Annual General Meeting – Awe Limited – slide 18
    Significant 2P growth potential Note: Includes changes to onshore Perth Basin net 2P Reserves and 2C Contingent Resources announced 21 August 2015 Ability to convert majority of 2C Resources into 2P Reserves in short to medium term…
  19. Annual General Meeting – Awe Limited – slide 19
    Clear Strategic Pathway 25
  20. Annual General Meeting – Awe Limited – slide 20
    Tougher operating environment Brent / WTI Oil Prices (US/bbl) AUD/USD 26
  21. Annual General Meeting – Awe Limited – slide 21
    Diverse product mix provides flexibility Focused on markets with Australia High Value Gas pricing and Indonesia demand upside Potential price Indonesia, upside; China Oil favourable New Zealand currency Australia Liquids…
  22. Annual General Meeting – Awe Limited – slide 22
    Managing in a low oil price environment Maximise production, Cash flow hedging (oil) in place, cost reduction Minimal commitments beyond Capex and Sugarloaf; reduced investment exploration spend Asset sales, tight financial…
  23. Annual General Meeting – Awe Limited – slide 23
    Disciplined financial management Underpin certainty of cash flow by hedging oil production Maintain flexible balance sheet o Prioritise expenditure o Exercise discretion on development costs if required o Carefully assess growth…
  24. Annual General Meeting – Awe Limited – slide 24
    Focus on near-term gas projects AWE has rapidly increased its project-ready gas Reserves and Resources to take advantage of improving, high-value gas markets The majority of AWEs Australian 2P gas reserves and 100% of AWEs Australian…
  25. Annual General Meeting – Awe Limited – slide 25
    Development portfolio priorities Waitsia development given high priority and early stage production targeting mid-2016 Large inventory of wells at Sugarloaf to come online Lengo moving towards FID Trefoil Continue to progress…
  26. Annual General Meeting – Awe Limited – slide 26
    Projects to Deliver Growth 32
  27. Annual General Meeting – Awe Limited – slide 27
    Exciting flow test results at Waitsia-1 Potentially the largest onshore conventional gas field discovery since the 1980s 33
  28. Annual General Meeting – Awe Limited – slide 28
    Waitsia moves into development phase Targeting early production from initial development by mid-2016 subject to approvals 34
  29. Annual General Meeting – Awe Limited – slide 29
    Sugarloaf in the Eagle Ford sweet spot Eagle Ford horizontal and vertical well spacing UPDATE IMAGE Source: Baytex Energy Corp., February Corporate Presentation, 2015 Sugarloaf drilling, fracking and completion costs…
  30. Annual General Meeting – Awe Limited – slide 30
    Sugarloaf production growth Sugarloaf 2P + 2C increased by 75% in FY2015 to 64.9 million BOE 36
  31. Annual General Meeting – Awe Limited – slide 31
    BassGas producing from 3 wells West Telesto jack-up drilling rig Improved production and well redundancy following development drilling 37
  32. Annual General Meeting – Awe Limited – slide 32
    AAL continues to make progress FEED completed and FPSO and WHP tender processes under way 38
  33. Annual General Meeting – Awe Limited – slide 33
    Lengo gas project gaining momentum Images courtesy KrisEnergy Ltd Lengo gas project making good progress; FID timing subject to gas sales agreement 39
  34. Annual General Meeting – Awe Limited – slide 34
    FY 2015-16 The Year Ahead 40
  35. Annual General Meeting – Awe Limited – slide 35
    Growth projects moving forward First production from Waitsia; accelerating activity in the onshore Perth Basin o Low cost, early conventional production from existing wells by mid-2016 o Gas marketing for larger resource base under way…
  36. Annual General Meeting – Awe Limited – slide 36
    Guidance for FY2015-16 Guidance Key Indicator FY2015-16 Production (million BOE) 5.1 5.6 Sales Revenue (m) 225 - 250 Development Expenditure (m) 155 - 185 Exploration Expenditure (m) 25 Note: Guidance prepared using Brent…
  37. Annual General Meeting – Awe Limited – slide 37
    Summary Excellent base of high quality 2P Reserves and 2C Resources with further upside potential Significant growth assets and substantial inventory of additional opportunities Focused on cost control and financial discipline…
  38. Annual General Meeting – Awe Limited – slide 38
    Remuneration report Resolution 1, adopt remuneration report This resolution is an advisory resolution Proxies for 323,008,242 Proxies against 1,778,327 Proxies undirected 1,564,262 Proxies abstained 721,964 48
  39. Annual General Meeting – Awe Limited – slide 39
    Election of directors Resolution 2 (a), that Mr Kenneth Williams be re-elected as a director of the Company This resolution is an ordinary resolution Proxies for 324,451,226 Proxies against 795,697 Proxies undirected 1,530,483…
  40. Annual General Meeting – Awe Limited – slide 40
    Election of directors Resolution 2 (b), that Mr Raymond Betros be re-elected as a director of the Company This resolution is an ordinary resolution Proxies for 324,690,152 Proxies against 557,623 Proxies undirected 1,535,483…
  41. Annual General Meeting – Awe Limited – slide 41
    Adoption of changes to constitution (Proportional takeover provisions) This resolution is a special resolution Resolution 3, regarding changes to the Proportional Takeover Provisions of the Companys constitution. As the proportional…
  42. Annual General Meeting – Awe Limited – slide 42
    Adoption of changes to constitution Resolution 3, regarding changes to the Proportional Takeover Provisions of the Companys constitution. This resolution is a special resolution Proxies for 324,666,553 Proxies against 521,363…

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